FEWS NET Reports RSS Feed https://fews.net/archive/rss.xml?keywords= RSS Feed for FEWS NET Reports en Further Nigerian and regional market impacts expected with the floating of the Naira https://fews.net/west-africa/alert/june-20-2016 <div class="node node-report view-mode-rss node-published node-not-promoted node-not-sticky author-agreenberg odd clearfix "> West Africa<div class="field field-name-field-report-type field-type-taxonomy-term-reference field-label-hidden"><div class="field-items"><div class="field-item even">Alert</div></div></div><h3 class="label-above lead-text" >Summary</h3><p>Declining global crude oil prices have resulted in significantly reduced export earnings in Nigeria, where oil accounts for approximately 70 percent of government revenue. The resulting depreciation of the local currency, the Naira (NGN), has increased both imported food and fuel prices and led to increasing demand for local cereals in Nigeria. The <a href="http://businessdayonline.com/2016/06/re-introducing-and-operationalising-nigerias-flexible-exchange-rate-market/">Central Bank of Nigeria’s (CBN) decision</a> to allow the Naira to float against the US dollar is expected to further devalue the currency. This depreciation is expected to reduce purchasing power across the country, with especially serious consequences in the northeast where more than three million people already face significant difficulty meeting their basic food needs due to the ongoing Boko Haram conflict. Populations who depend on Nigerian agriculture and labor markets for their livelihoods are also likely to be affected. Close and continued monitoring of Nigeria’s economy, as well as of local and regional markets is necessary given further expected impacts on staple food, cash crop, livestock, and labor markets.</p> </div> Mon, 20 Jun 2016 11:43:16 -0400 18,913